Speaking in a televised interview with WTV channel and Tabadul Platform late on Tuesday,  the Libyan businessman specializing in Raw Materials Sources of the Iron and Steel Industry, Ahmed Bayt Al-Mal, has called upon the Audit Bureau, oversight bodies, and Fathi Bashagha to review a complex file related to a contract held for 5 years, signed between the Libyan Iron and Steel Company (LISCO)‎ and a Pakistani  Company.

While indicating that the company obtained 300 million as support from the State, Bayt Al-Mal called for introducing transparent bidding procedures within the company.

َAccording to the businessman, the Libyan Iron and Steel Company (LISCO) that was officially laid in 1979, had cost the state treasury a very high amount. For instance, the company had cost the state treasury about one billion three hundred million dinars.

He also asserted that it is one of the best integrated factories in North Africa and the largest in Libya. It is a group of factories, including steel mills, assistance units, turbines, desalination plants, power station and a port that can receive the largest ships or giant tankers carrying 150,000 tons.

As far as the pollution caused by iron and steel factories is concerned, the businessman confirmed this fact, pointing out that the factory employs about 6000 employees, which he considered a very exaggerated number.

“In case the state removes fuel subsidies, the company would go broke within 6 months considering that it consumes electricity, oil products and gas.” Bayt Al-Mal said, while criticizing the lack of transparency in disclosing the figures related to the company’s profits.

Bayt Al-Mal also revealed the import of 2 million tons of raw materials, although it was programmed to extract the raw materials from the shore.

He also announced the production of 2 million tons of molded iron and 1.5 million tons of steel.